Common use of Resignation or Removal of Custodian Clause in Contracts

Resignation or Removal of Custodian. The Custodian may resign at any time by giving at least 30 days' written notice to the Distributor. The Distributor may remove the Custodian at any time by giving at least 30 days' written notice to the Custodian. If the Custodian resigns or is removed, the Distributor must either appoint a successor custodian to serve under this Agreement or notify the Depositor that he or she must appoint a successor custodian. The successor custodian must provide a written acceptance of its appointment as successor custodian to the Custodian. Upon receiving this written acceptance, the Custodian must transfer to the successor custodian all of the assets and records of the custodial account. The Custodian may reserve a portion of the custodial account assets to pay for any fees, compensation, costs, expenses, or for any liabilities constituting a charge on or against the Custodian. If any assets remain after paying these items, the Custodian will pay the remainder to the successor custodian. If the Custodian resigns or is removed, and the Distributor or the Depositor has not appointed a successor custodian within 30 days after the Custodian's resignation or removal (or a longer period, if the Custodian agrees), the Custodian will terminate this Agreement as provided in paragraph 11, below. After the Custodian has transferred the custodial account assets to the successor custodian, the Custodian is relieved of any further liability for this Agreement, the custodial account, and the custodial account assets. The Custodian or any successor custodian appointed to serve under this Agreement, must be either 1) a bank as defined in Internal Revenue Code Section 408(n), or 2) such other person who qualifies to serve as prescribed by Internal Revenue Code Section 408(a)(2) and satisfies the Distributor and the Custodian that he or she qualifies.

Resignation or Removal of Custodian. The Custodian may resign at any time by giving at least 30 days' written upon thirty (30) days notice in writing to the DistributorEmployee. The Distributor Employee may remove the Custodian at any time by giving at least 30 days' written upon thirty (30) days notice to the Custodian. If the Custodian resigns or is removed, the Distributor must either appoint a successor custodian to serve under this Agreement or notify the Depositor that he or she must appoint a successor custodian. The successor custodian must provide a written acceptance of its appointment as successor custodian in writing to the Custodian. Upon receiving such resignation or removal, the Employee shall appoint a successor custodian which successor shall be a "bank" as defined in Section 408(n) of the Code and which has agreed to and is qualified to act as custodian under an agreement having the same force and the effect as this Agreement. Upon receipt by the Custodian of written acceptanceacceptance of such appointment by the successor custodian, the Custodian must shall transfer and pay over to such successor the assets of the Account and all records (or copies thereof) pertaining thereto, provided that (if so required by the Custodian) any successor custodian all shall agree not to dispose of any such records without the assets and records of the custodial accountCustodian's consent. The Custodian is authorized, however, to reserve such sum of money or property as it may reserve a portion deem advisable for payment of the custodial account assets to pay for any fees, compensationtaxes, costs, expenses, expenses or for any liabilities costs of the account constituting a charge on or against the assets of the account on or against the Custodian. If , with any assets remain balance of such reserve remaining after paying these items, the Custodian will pay the remainder payment of all such items to be paid over to the successor custodian. If the Custodian resigns or is removed, and the Distributor or the Depositor has not appointed a The successor custodian shall hold the assets paid over to it under terms similar to those of this Agreement that qualify under Section 401(f) of the Code. If within 30 thirty (30) days after the Custodian's resignation or removal (removal, or a such longer period, if time as the Custodian agrees)may agree to, the Employee has not appointed a successor custodian which has accepted such appointment, the Custodian will shall terminate this Agreement as provided in paragraph 11, below. After the Custodian has transferred the custodial account assets to the successor custodian, the Custodian is relieved of any further liability for this Agreement, the custodial account, and the custodial account assetsAccount. The Custodian shall not be liable for the acts or any successor custodian appointed to serve under this Agreement, must be either 1) a bank as defined in Internal Revenue Code Section 408(n), or 2) omissions of such other person who qualifies to serve as prescribed by Internal Revenue Code Section 408(a)(2) and satisfies the Distributor and the Custodian that he or she qualifiessuccessor.

Resignation or Removal of Custodian. The Custodian may resign at any time by giving time, upon at least 30 days' ’ written notice to the DistributorEmployer. The Distributor Custodian may remove be removed by the Custodian Employer at any time by giving at least time, upon 30 days' written ’ writ- ten notice to the Custodian. If Upon resignation of the Custodian resigns or is removedCustodian, the Distributor must either appoint a successor custodian to serve under this Agreement or notify the Depositor that he or she must Sponsoring Organization may, but shall not be required to, appoint a successor custodian. The successor custodian must provide Upon removal of the Custodian, the Employer shall appoint a suc- cessor custodian, but in that event the Plan shall be considered an individually designed plan for purposes of Section 9.2 and the Employer may no longer rely on the opinion letter received from the IRS in connection with the Prototype Plan. Upon receipt by the Custodian of written acceptance of its appointment as by a successor custodian custodian, and notice by the Custodian to the Custodian. Upon receiving this written acceptanceParticipants, the Custodian must shall transfer and pay over to the such successor custodian all of the assets and records of held in the custodial accountParticipants’ SIMPLE-IRAs under the Plan, to such successor custodian. The Custodian is authorized to reserve from each Participant’s SIMPLE-IRA such sum of money or property as it may reserve a portion deem advisable for payment of the custodial account assets to pay for any all its fees, compensation, costs, costs and expenses, or for payment of any other liabilities constituting a charge on or against the Custodian. If any assets remain after paying these itemsof the Plan, or on or against the Custodian will pay or the remainder Sponsoring Organization, with any balance of such reserve remaining after the payment of all such items to be paid over to the successor custodian. If The Custodian shall not be liable for the Custodian resigns acts or is removedomissions of any successor to it. If, and the Distributor or the Depositor has not appointed a successor custodian within 30 days after the Custodian's ’s resignation or removal removal, no successor custodian is appointed within (30) thirty days, the Plan shall be deemed terminated. The assets shall remain in each Participant’s SIMPLE-IRA until such time as the Participant requests a distri- bution, rollover, or a longer periodtransfer pursuant to Article VII. death of the Participant, if his or her beneficiary, executor or administrator) to the Custodian agrees)in a form and manner acceptable to the Custodian. An investment medium must be approved by the Employer in order to be available under the Plan. Notwithstanding the above, the Custodian will terminate this Agreement as provided in paragraph 11, below. After reserves the Custodian has transferred the custodial account assets right to the successor custodian, the Custodian is relieved of refuse to accept or hold any further liability for this Agreement, the custodial account, and the custodial account assets. The Custodian or any successor custodian appointed to serve under this Agreement, must be either 1) a bank as defined in Internal Revenue Code Section 408(n), or 2) such other person who qualifies to serve as prescribed by Internal Revenue Code Section 408(a)(2) and satisfies the Distributor and the Custodian that he or she qualifiesspecific asset.